🧘♂️ Bend It Like Asana?
After beating Wall Street consensus in first earning report, Asana raised its full-year guidance.
Hey Global Investor, here's what you need to know before the US markets open.
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Bend It Like Asana?
After beating Wall Street consensus in first earning report, Asana raised its full-year guidance.
Background: Asana, the work and project management software provider, debuted on NYSE in September 2020 in a direct listing. Facebook co-founder Dustin Moskovitz and ex-Google, ex-Facebook engineer Justin Rosenstein founded Asana in 2008. The company launched its product in 2012 and, by December 2018, raced to a $1.5B valuation.
Asana introduced enhanced and new integrations with Slack, Zoom, Atlassian Jira, and Microsoft Teams to leverage the work-from-home trend. Asana also deepened its workflow and control processes.
What Happened? On Tuesday, Asana reported better than expected earnings for its first quarter as a public company (fiscal Q3).
Key numbers:
Revenue: $58.9M vs. $54.1M expected; up 55% from last year.
EPS: -$0.34 vs. -$0.37 expected.
For its Q3, Asana had more than 89,000 paying clients (net retention rate of 115%). Customers spending $5000 and $50,000 a year grew 58% and 104% Y-o-Y respectively (net retention rate of 125% and 140% in that order).
For Q4, Asana expects $63M in revenue and -$0.25 in EPS (consensus of $58.1M and -$0.31 EPS). The company also raised its full-year guidance to ~$221M and non-GAAP loss of ~$1.22 per share.
Asana expects to add new paying customers, quicker deployments, and better adoption among some of the largest enterprises in the coming months.
Market Reaction: The shares closed at $28.34, down 2.34%. In pre-market trading, the stock jumped 15.39% to $32.61.
Company Snapshot 📈
ASAN $28.34 -0.68 (-2.34%)
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